TIP OF THE MONTH - JULY 2011
Source: Real Estate Management-Joseph DeCARLO
income and enhance the value of their property, all property owners and
managers must select tenants who are good credit risks and who will
coexist peacefully with other tenants. But the selection issues
facing each type of rental property are quite different.
Residential Landlords: are subject to a
number of laws prohibiting housing discrimination. These laws
hold property owners and managers responsible for conscious or
unconscious discrimination based on race, religion, color, family
status, sex, national origin, handicap. Anti discrimination laws affect
ALL aspects of the selection process, from advertising and marketing to
the charging of security deposits. There are risks that
residential owners and managers cannot afford to ignore; therefore,
they must develop policies and procedures to ensure that every
applicant is treated fairly.
Commercial Property: owners and managers
are subject to fewer legal requirements, but their financial risks are
more serious than those of residential landlords. The commercial
tenant selection process therefore focuses on attracting and retaining
creditworthy and financially stable tenants, whose businesses are
compatible with those of fellow Tenants.
Tip from Crossett Real Estate Services
If you are presently a Landlord, or an
Investor, have you considered management services? Experience has
shown that properties with a management plan in place, attract stable
Tenants, increase the value of the original investment.
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This web page was updated on 06/29/2011.